Purchasing question

[cptqueeg]

Hi All,

I'm considering purchasing a boat on which the present owner has a loan. I figured many RV's were purchased with the same senario I'm facing. How does one protect themselves as a buyer and seller in this situation where one may never end up w a clean title or even the purchased item? In this case we live a 1000 miles apart and would probably meet halfway to conclude the transaction. Any pointers from the vast trove of experince at rvnet would be much appreciated.

Thanks Paul

[CFerguson]

I sold my last TT to a local guy who has impeccable creds.
We went to his bank and they transferred the money to my acct(he never saw my banking info) and i signed over the title to him in the presence of the bank officer. Security for everyone- even folks you like and trust.

[cptqueeg]

My buddy convinced me - I bought a 19 leftover from a dealer. Thanks guys.

[cptqueeg]

Yeah I found an alternate to the used one w a note, but I'm having a hard time going through with the purchase. My spidey senses tell me we're (the US) is in for a pretty rough economic ride for the next 5 years or so. We're in the first year of retirement and I don't want to make a mistake now that might impact our future for decades.

[Lwiddis]

Gee, time, he bought a new boat from a dealer. Not a used boat.

[time2roll]

Ask your bank if they have a branch you can meet at and if they will assist with the loan payoff along with providing payment to the seller. You could arrange your own loan at the same time unless you are paying cash.

Of course you will want to inspect the boat in person. Maybe at a local lake and take it for a spin.

The local deal is a far better idea.

[Lwiddis]

cpt has a new boat, cpt has a new boat...!

[ppine]

all good advice.
I don't trust anyone, even my friends when it comes to title and liens.
A friend wanted to borrow $5,000 and it was important. I said okay "give me the title to your truck and make me the lien holder."

[Grit_dog]

cptqueeg wrote:

midnightsadie wrote:
you could use a wire transfer at the bank very safe for both parties. ask your bank manager he can set it up. seller knows he got payed and you get the title.

The title is held by the bank where his note is. He is contacting his bank to find out if they will facilitate the transaction by recieving my wire transfer, releasing the lien, and forwarding me a clean title.

If you had gone for the boat in question, this ^ would be the best way.
Have done transactions similarly before. No problems if each party gets verification from their own bank.

[cptqueeg]

Lwiddis wrote:
I'd make the "extra" drive and conduct the transaction in the office of the lien holder....bank, CU etc.

That's a good idea, but I just bagged the whole deal. Found a similar boat new leftover at a dealer for a couple dollars more. Not quite as well equipped but will have orginal warranty on trailer, hull, and motor and it's much closer to home.

[Lwiddis]

I'd make the "extra" drive and conduct the transaction in the office of the lien holder....bank, CU etc.

[cptqueeg]

midnightsadie wrote:
you could use a wire transfer at the bank very safe for both parties. ask your bank manager he can set it up. seller knows he got payed and you get the title.

The title is held by the bank where his note is. He is contacting his bank to find out if they will facilitate the transaction by recieving my wire transfer, releasing the lien, and forwarding me a clean title.

[midnightsadie]

you could use a wire transfer at the bank very safe for both parties. ask your bank manager he can set it up. seller knows he got payed and you get the title.

[Colo_Native]

I just did this with my TT. It is real scary to let someone have your TT But you have to have faith or do it at a bank. He give me a Cashiers check and I called the CU it was issued at and used the phone# from an internet search and called them to verify it when it was good I signed a Bill Of Sale. the buyer was just worried as I am I don't have the title and I will send it when it comes from the county and then I will send it registered Mail w/return receipt. I look at it this way he has the TT and I have the title. Other than it's a leap of Faith.